NEW YORK, June 10, 2015 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) and Novo Cinemas, the Middle East's largest chain of theatres, today announced an expansion of its partnership via an agreement for two IMAX® theatres in Dubai featuring IMAX's next-generation laser projection and sound technology. The theatres will be added to two new complexes: IMG Worlds of Adventure, the world's largest temperature-controlled indoor theme park spanning 1.5 million square feet, and at the Wafi Mall Shopping Center.
The new agreement brings Novo Cinemas' IMAX footprint to a total of six, of which two are open - one at Dubai's Ibn Battuta Mall, the UAE's only IMAX theatre currently open, and another at The Pearl Mall in Qatar. The exhibitor also has two IMAX theatres contracted to open, with one at the Seef Muharraq Mall in Bahrain and another at the Festival City Mall in Dubai.
"There is no better way to experience today's biggest blockbusters than in the immersive IMAX format with its new groundbreaking laser and sound technology," said Debbie Stanford-Kristiansen, CEO, Novo Cinemas. "We're particularly excited to bring IMAX's laser technology to the IMG Worlds of Adventure theme park, which includes a Marvel zone featuring the superheroes at the heart of some of IMAX's biggest upcoming releases. With today's agreement, we look forward to delivering the ultimate cinema experience to more patrons across the region."
"Gulf Film was the first exhibitor to open a commercial IMAX theatre in the Middle East in 2005 and now represents our largest partner in the region. We are delighted to build upon our decade-long partnership with today's agreement," said Andrew Cripps, President, IMAX EMEA. "Since our commercial entry into the market, attendance and ticket prices have steadily increased, resulting in a rising Middle East box office. These positive trends, coupled with the success of our existing theatres with partners such as Novo Cinemas, position the Middle East an important growth market for us."
IMAX has undertaken a significant R&D investment to develop its next-generation projection and sound system, featuring ground-breaking laser technology. IMAX with laser represents a quantum leap forward in cinema technology — providing audiences with the sharpest, brightest, clearest and most vivid digital images ever, combined with a whole new level of immersive audio.
About Gulf Film Gulf Film is the Middle East's leading film distributor and exhibitor. Established in 1989, Gulf Film operates the region's largest chain of theatres, Novo Cinemas, today spanning 14 multiplexes across the UAE, Qatar and Jordan, for a total of 115 screens and 22,000 seats. Ongoing expansion will see this number of screens double within the next two years.
In 2012, Gulf Film was acquired by ELAN Qatar LLC. With a history of over ten years in the local, regional and international market, ELAN brings the very best in media, events, urban and entertainment services. 100% owned by Qatar Development Bank (QDB) a Qatari Government entity, ELAN is growing from strength to strength and has matured into one of the region's top advertising and media services companies.
About IMAX Corporation IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of March 31, 2015, there were 943 IMAX theatres (820 commercial multiplexes, 18 commercial destinations and 105 institutions) in 63 countries.
This press release contains forward looking statements that are based on IMAX management's assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. These risks and uncertainties are discussed in IMAX's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.